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The arch-crook felt that he had bargained well with Bram Jalway. Fully convinced by the promoter's story, keyed with hope of further swag through a piratical attack upon the crippled Maldah, Elger looked forward to a profitable alliance.

Since George Dalavan was dead. Elger would need a new man to organize a crew of smooth agents who could unload the European spoils. Bram Jalway was just the sort to fill the bill. He would simply come in for Dalavan's share of the proceeds from the loot.

An excellent arrangement, since Jalway had revealed that there was a million dollars in additional booty aboard the Maldah. In fact, Elger was glad that Dalavan had died to make the replacement possible. As for the tiara and the money that Dalavan had brought, Elger felt confident that they would be regained.

Once the four victims were eliminated, the lost items could be found; for Elger felt sure that Hadlow must have hidden them somewhere inside the house. The sooner the climax the better, in Elger's estimation; for Hadlow would have no time to bury the tiara and the cash in some outside hiding spot.

With Bram Jalway as an ally, the game seemed ironclad to Purvis Elger. Though he counted Seth Hadlow as a capable foeman, Elger had no inkling that the hand of The Shadow was involved. Therefore, the master crook felt no insecurity regarding the grim game in which Bram Jalway had promised to cooperate.

CHAPTER XVI. THE SHADOW WAITS

WHEN Purvis Elger regained his study, he immediately went out into the hall and strolled in the direction of the living room. A frown furrowed his wide forehead as he heard the sound of voices, Francine's among them.

Entering the living room, Elger found the girl and Dashler talking with Tully and Chunk. Royne was standing in the background. The cadaverous servant's face was troubled; it cleared as the man saw Elger.

"What is the matter?" inquired Elger. He looked about in his usual friendly fashion. "Where are the others? Hadlow - Jalway - the professor?"

"Jalway is still out," responded Dashler. "Hadlow has gone out to look for him. Neither has returned. I have just been talking about making a search."

"I said we should wait for you, sir," put in Royne. "That's why I rapped at your door, Mr. Elger."

"I thought I heard someone knocking," said Elger. "I was in the bedroom, dozing, with the door closed. So Hadlow went out to look for Jalway. How long ago?"

"About fifteen minutes back," replied Dashler. "I was in my room, or I'd have gone out with him."

"I couldn't sleep," added Francine. "I came out to learn if anyone happened to be up; when I learned that Mr. Hadlow had gone out to search, I called for Dashler."

"Well, well," mused Elger. "I had no idea that this complication would occur the moment that I told my guests they could fare forth. What were you two doing?" The question was to Tully and Chunk. "Why did you let Hadlow go out alone?"

"Your orders, Mr. Elger," reminded Tully, in an uneasy tone. "You let Mr. Jalway go out. We didn't stop Mr. Hadlow."

"They will probably return shortly," decided Elger. "If they do not, we shall begin a search. By the way, where is Professor Marcolm? I hope he managed to desist from a stroll along the beach."

"The professor is asleep," stated Francine. "I knocked at the door of his room and he answered. But he was so drowsy that I hesitated to disturb him. I called Dashler instead."

"I warned Jalway," remarked Elger, filling his pipe from the ever-ready pouch. "I told him - and Hadlow heard me - that this milder weather might mean new danger on Timour Isle. But both these chaps are armed. I believe that they can take care of themselves. Suppose" - he glanced at his watch - "that we allow them ten minutes to return."

The others nodded in agreement. They sat down about the room. Elger lighted his meerschaum and paced back and forth. He was more troubled than he cared to reveal. Hadlow's trip outside was something that he had not foreseen.

WHILE the little group remained in the living room, the island outside the house was gloomy beneath the faint rays of a cloud-enveloped moon. Giant oaks still swayed in response to fitful winds. The steady roar of the surf beat up hollow echoes from the beach.

Far out to sea, a line of lights was moving to the south. Vanishing, then reappearing beyond the long swells, that slow streak of illumination indicated the presence of a ship.

From beneath the shelter of moss-laden boughs, keen eyes were watching the lights at sea. The ship was anchoring off Timour Isle. Those same eyes spied another light. From the south of the island, beyond the sand dunes, a small boat was putting out to sea.

Ruff Turney and his squad were on their way to contact with the Dalmatia. A soft laugh whispered from the gloom. It was the strange mirth of The Shadow - a tone of suppressed mockery that echoed weirdly in the wafting breeze.

Then came silence. The author of the laugh had moved away. Silently, beneath the fringe of trees, The Shadow was returning to the house. No sign marked his passage toward the clearing that surrounded the white tabby walls.

Ever mysterious, even when uncloaked, The Shadow had become a part of the night itself. No human eye could have discerned his approach to the old look-out house.

FIVE minutes passed, while the vague lights from the living room windows shone unblinkingly along the tabby walls. Then from the pathway to the house, a figure stepped suddenly into view. A strolling person advanced toward the door.

The arrival turned suddenly, as though hearing a sound close by. He spied another person coming from the edge of the clearing. The man by the door spoke.

"Who's there?" he challenged.

"Hadlow," came the quiet response. "Is that you, Jalway?"

"Yes." Jalway laughed slightly. "Rather spooky, the way you stepped into sight."

"I was looking about for you," returned the sportsman. "I thought maybe you had circled the house. Where have you been, old chap?"

"Down to the end of the island. Come. Let's enter. They may be worrying about us."

Jalway rapped on the door. It opened promptly. As the two men entered Francine Feldworth sprang from the living room to greet them. Concern still showed on the girl's face. It was plain that she was glad that the men had returned.

Purvis Elger, stepping from the living room, gave a cheery welcome. At the same time, the portly man was observant. He noted that Francine's greeting to Hadlow was more spontaneous than her welcome of Jalway. This fitted with the rivalry that Jalway had mentioned during the conference in the cavern.

Professor Marcolm's door came open. The white-haired guest had heard the commotion in the hall. Attired in a dressing gown, he blinked sleepily as he crackled a question regarding the disturbance. Francine turned to explain concerning the absence of Jalway and Hadlow.

"I heard you knock some time ago," recalled Marcolm, in a wheezy tone. "I was on the point of rising then; but I went back to sleep almost unconsciously. This new noise, however, completely awakened me."

"Stay up and have a cup of coffee," suggested Elger. "I'm sending Royne to get some refreshments."

"That would mean staying up all night," smiled the professor. "With me, a sound sleep is the only sleep, and coffee disturbs it. I miss those lulling winds that marked our first nights here. But I believe" - he paused to scratch his tousled mop of hair - "that I can sleep again if I remain undisturbed."

His tone almost reproachful, the professor returned to his room and closed the door behind him. The others went into the living room.

In casual manner, Elger questioned Jalway regarding his stroll on the beach. He asked him if he had seen any sign of prowlers. Jalway shook his head to give a negative reply. Hadlow remarked that he had also found the beach quiet. He added that he had looked for Jalway along the upper inlet.